Sunday, 29 May 2022

Switch to be taken private by DigitalBridge for $8.38 billion

The Switch logo is pictured on a data center in Las Vegas, Nevada, U.S., October 6, 2017. REUTERS/Chris Wattie

(Reuters) -Data center operator Switch Inc said on Wednesday it would be taken private by digital infrastructure firm DigitalBridge Group Inc for $8.38 billion in cash.

The offer values each share of Switch at $34.25, an almost 15% premium to the company’s closing price on May 9 when talks of the deal were first reported.

A shift to hybrid working models and increasing usage of enterprise software during the pandemic has given a fillip to data center businesses, propping up investor interest in the sector.

The deal is expected to close in the second half of this year.

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